The Governor of the Bank of Israel has revealed that he will seek the job of director of the International Monetary Fund.

The Zambia-born Stanley Fischer announced a bid to lead the organisation over the weekend. The 67-year-old is older than the IMF rules allow for a first-time director, but previously spent seven years as the organisation's deputy managing director.

Mr Fischer, who made aliyah in 2005 to take on the Israeli role, worked as a professor at MIT and at Citigroup for several years. He is two years into his second term at the Bank of Israel.

Christine Lagarde, the French Finance Minister, is currently the frontrunner to replace Dominique Strauss-Kahn.